Why can't the new shares sell in a uniform price auction the way treasuries are sold? Per wikipedia (article on auctions): Debt auctions, in which governments

Why can't the new shares sell in a uniform price auction the way treasuries are sold? Per wikipedia (article on auctions): Debt auctions, in which governments sell debt instruments, such as bonds, to investors. The auction is usually sealed and the uniform price paid by the investors is typically the best non-winning bid. The underwriting bank would just take bids for a set period of time, and then the winning bidders would pay the highest losing bid. This would help ensure no first-day price spike since any buyer who wanted shares could have bid his top price for them in the auction.